Weekly DeFi News Recap > Monday 7 – Friday 11

**What the History of Democracy Can Teach Us About Blockchain Governance**

DAOs can reshape society by bringing democratic control to important economic and social activities previously governed through more hierarchical means. But as many people have pointed out, DAOs have not yet achieved their goal of true decentralization. Many DAO decisions are taken by a small number of actors, and we lack formal mechanisms to ensure these decisions are aligned with the interests of the tokenholders at large. As it turns out, these challenges are identical to the governance challenges faced by democratic societies in the physical world.

**From Airdrop to $307M in Revenue in 30 Days — LooksRare Surges Past OpenSea in Torrid Month**

LooksRare, the newly launched NFT marketplace, pulled ahead of the centralized market leader, OpenSea, in terms of protocol revenue almost immediately. In the last 30 days, LooksRare produced $307M in protocol revenue vs. $110M at OpenSea. LooksRare launched with an airdrop of its LOOKS token to past OpenSea users, and it has been growth-hacking market share ever since by giving more LOOKS to anyone who makes a trade on the platform (also known as liquidity mining).

**Market Action: Terra Jumps 7% to Lead Rebound in DeFi Names**

* The DeFi markets have surged to post an emphatic recovery from January’s lows despite lingering concerns about heavy-handed regulation.
* The combined capitalization of DeFi tokens sits at $121B, having bounced 16.7% since posing a local low of $103.7B on Feb. 3 according to CoinGecko.
* Just two of the top 100 non-stablecoin DeFi assets have shed value since the beginning of January, while one-third of tokens rallied by more than 30%.Terra (LUNA) jumped 7% in the last seven days and is the sector’s top token with a market cap of $23.5B. It represents almost a fifth of the entire DeFi capitalization.

**Bitfinex’s LEO Token Explodes After US Seizes $4B of Bitcoin Lost in 2016 Hack**

Bitfinex’s token (LEO) went from trading at $4.97 at 11:34 AM ET to as high as $8.04 at 12:39 PM. The price has since settled down somewhat to $6.84, but the sudden jump appears related to the seizure of stolen crypto assets.

The U.S. Department of Justice has recovered 94,000 BTC that had been stolen in an Aug. 2016 hack.

**The Time is Now: Web3 Must Make Good on its Promise of Inclusivity**

A report by ArtTactic revealed something startling about web3: for an industry that casts itself as an egalitarian panacea we still have a long way to go. Women are falling far behind men when it comes to investing in crypto, with a gender gap that exceeds the ownership of other securities. 55% of all of the capital generated by NFT artists went to 16 creators – a result that shows just how exclusive this new world truly is.

The average age of a crypto investor is 38, and the average income of these individuals exceeds $100,000.

**Cancel Culture Comes to Crypto as Offensive Tweets Trigger Flurry of Ousters**

A string of resignations and ousters shows that crypto is beginning to reflect the mounting ostracism of people who make sexist, racist, and homophobic statements. Critics decry the trend as cancel culture. Recent events suggest that people in the crypto space will be under more scrutiny based on their past social media behavior.

**Smooth Love Potion Soars 70% in 24 Hours Behind Axie Infinity Update**

* Smooth Love Potion, a token earned by playing Axie Infinity, has been a white knuckle ride in recent months.
* In its latest turn, the token has soared almost 70%, to $0.034 in mid-morning trading U.K. time.
* The momentum pushed Smooth Love Potion’s (SLP) market cap to $1.1B. SLP’s 14-day chart.
* According to Axie this will reduce SLP emissions by 45M per day.

**Gnosis Votes on Whether to Spin Out DeFi Infrastructure Project as Independent DAO** 

* The protocol now holds more than $107B worth of Ether and ERC-20 tokens, or roughly 5.1% of the combined cryptocurrency capitalization according to CoinGecko.
* Gnosis Safe will establish itself as a decentralized autonomous organization (DAO) independent from Gnosis Ltd and rebrand as SafeDAO.
* Vote counts for the governance poll will be revealed when the poll concludes on Feb. 16. The proposal appears to be garnering support on social media and the Gnosis governance forum.
* Safe’s user base and ecosystem will also each receive 5% of supply, with the tokens evenly split between a liquid airdrop and a vested airdrop.

**Gas Prices Slam Buyers in Cool Pets NFT Drop as Transaction Fees Soar 7,000%**

* Collectors seeking to mint Cool Pets, the latest drop from the Cool Cats development team Cooltopia, paid extreme fees to secure a token from the project’s public drop yesterday.
* Etherscan data shows that one user paid more than 1.2 Ether in gas on top of the mint price to purchase a single Cool Pet — worth $5,500 worth of ETH at the time.
* The collection’s floor price has already risen to 2.23 ETH according to leading marketplace OpenSea.

**Zero Knowledge Proofs Can Save the Metaverse From Becoming a Dystopian Surveillance State**

Privacy in the Metaverse via Zero KnowledgeIf people — not corporations — are going to write the rules of the metaverse, we need a secure and private way for people to prove they are who they say they are. The fact is, in order for the metaverse to meet its potential, we need to eliminate the need to trust anyone or anything with our private data.

The Aspen Institute’s Commission on Information Disorder recently released a report investigating the causes and potential solutions to addressing the spread of the mis- and dis-information that is an indelible component of the surveillance economy.

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